RCBC’s Digital Platforms Record 205% Jump in Revenuesby Fintech News Philippines April 28, 2022
Rizal Commercial Banking Corporation (RCBC) announced that it witnessed a 205 percent increase in revenue for its three digital platforms as of end March 2022 versus same period last year.
With 69 percent of its user base located across all 81 provinces in the country, RCBC’s financial inclusion super app DiskarTech registered over PHP 4.18 billion in gross transaction value as of end March this year, an 862 percent increase compared to 2021 values.
This was generally driven by high-volume transactions across different services offered in the app which also noted a 265 percent increase from last year.
Among key transactions done through DiskarTech, partner deposits remain to be the largest contributor to the app’s overall growth, registering 1,137 percent and 308 percent in both transaction value and volume respectively.
DiskarTech’s deposit size stands at over PHP 106 million, a 120 percent increase from the same quarter last year.
These cash-in and cash-out transactions are being done in over 45,000 touch-points nationwide.
DiskarTech partner deposits are also projected to surge in the next quarters of the year as the app further expands its cash-in points across the country through its partnership with Smart Padala, a mobile remittance brand under PayMaya.
Moreover, DiskarTech fund transfers via the InstaPay rail also noted a steady increase as of end March.
Outgoing InstaPay transfers to other banks and e-wallets hiked to 944 percent and 336 percent in both value and volume, respectively. Incoming InstaPay transfers also increased by 84 percent and 31 percent in both transaction value and volume, respectively.
Meanwhile, RCBC’s primary mobile banking app RCBC Digital, registered a 31 percent increase in total throughput volume for its mobile and web channels, generating a value of over PHP 34 billion, a 51 percent hike this quarter from last year.
RCBC Digital also launched early this year its simplified new-to-bank registration (NTBR) feature which allows prospective clients to open an RCBC account and transact using the mobile app without having to apply in physical RCBC branches.
Meanwhile, RCBC’s neighborhood mobile point-of-sale terminal (mPOS) ATM Go also recorded a 22 percent increase in year-to-date transaction volume with a total throughput value of over PHP 1.8 billion for the first quarter of 2022.
As of end-March this year, 1,239 ATM Go terminals have been deployed to partner merchants in 76 out of 81 provinces of the country.
“The sustained exponential growth of RCBC’s DiskarTech this quarter is only indicative that Filipinos are now getting more comfortable with digital financial transactions.
We’re delighted that through DiskarTech, we are able to contribute to the Bangko Sentral ng Pilipinas’ national goal of onboarding 70 percent of adult Filipinos into the formal financial system and converting at least 50 percent of financial transactions to digital,”
said Eugene S. Acevedo, RCBC’s President and Chief Executive Officer.
“Seeing the continuous growth of RCBC’s digital platforms, we become even more inspired to offer more convenient and responsive products and innovations to our fellow Filipinos. Soon, we are set to launch our exciting loans products for DiskarTech.
We have also expanded our collaborations with more private partners and local government units. All these are aimed to push inclusive digital finance in the country even further,”
said Lito Villanueva, RCBC’s Executive Vice President and Chief Innovation and Inclusion Officer.